Welcome to this month’s Memphis, Tennessee, real estate market report. Just because the summer has officially ended doesn’t meant that homes are not going to be sold for the remainder of the year. Let’s find out on this report if prices and sales fall for this season.
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Memphis Metro Housing Stats
There were 84 new home sales for September this year in Memphis, an increase of 5% from last year’s 80 new home sales, and the average sale price for new homes climbed 27.7% from one year ago, up from $385,525 to $492,238.
There were 4 bank-owned properties sold, a decrease of 20% when compared to the 5 sold during September 2021. Average sales price went down 60.1% from $224,405 to $89,563.
There is a total of 2,935 listings available to buyers in Memphis, this includes single family, condo and duplex properties for sale. The average list price for single-family homes is $365,873, $238,173 for condos, and for duplexes is $208,005. The market total for pending sales is 1,120 for single family, 44 for condo and 16 for duplex with the average list price of $323,019.
Total inventory increased from 2,871 at the end of August to 2,935 at the end of September.
What Does This Data Mean For Buyers?
What Does This Data Mean For Sellers?
Home sales decreased but prices are still very strong out there.
Out-of-state investor is waning and the power of local buyers is growing.
If you need to buy or sell a home here in Memphis, give us a call today at 901-451-2001. We can help you find the perfect home for you and your family. Or, we can help you sell the house you have invested into a family who will treasure it as much as you do. Don’t hesitate to give us a call to get started!
Memphis Homes for Sale
Here are the most recent home listings just added to the database in the average sale price for Memphis – all homes here are priced at $249,100 or less